Fund Objective

To provide long - term capital growth from a portfolio of Fidelity's OEIC sub - funds which are themselves invested across a broad range of world financial markets.

View on Past Performance

The fund outperformed its benchmark over the period, due mainly to beneficial stock selection in the European and US segments of the portfolio. In the former, a below-benchmark allocation to banks was rewarding in view of their continued poor performance. An underweight in automobile stocks, which declined as oil prices rose, also added value. In the US portion, positions in oildrilling firms, which benefited from higher demand for rigs, contributed, as did a holding in chemicals firm Mosaic, as itcontinued to gain from strong demand and a tight supply situation for crop nutrients. Conversely, in the Pacific ex-Japan segment, holdings in diversified financials detracted from returns.In terms of asset allocation, a bias towards European equities hurt returns. An equity underweight in the US, Japan, the UK and Pacific ex-Japan also proved detrimental, although this was partially offset by an off-benchmark exposure to Emerging Markets.

Fund Details